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Raw materials are reeling after President Donald Trump threatened new tariffs on Chinese goods, dashing hopes that the two sides might soon negotiate an end to the trade war that’s sapping global growth and demand for commodities.

U.S. manufacturing activity deteriorated in July to an almost three-year low, dragged down by slower production and shaky export markets that help explain the Federal Reserve’s decision to reduce interest rates July 31.

U.S. and Chinese trade negotiators plan to meet again in early September, as the latest round of negotiations ended with few signs of concrete progress.

With or without retaliatory tariffs, Chinese companies probably will show little interest in buying U.S. corn because the jump in Chicago benchmark futures since May has wiped out the price advantage over domestic supplies, according to Yigu Info Consulting Ltd.

President Donald Trump is threatening to get “much tougher” with China on trade if he wins re-election in 2020.

More than half of the Trump administration’s trade war aid for farmers went to just 10% of the recipients in the program, according to analysis of payments by an environmental organization.

Almost three months after their trade talks broke down in acrimony, Chinese and American negotiators meet again in Shanghai this week amid tempered expectations for breakthroughs in their yearlong trade war.

The trade war between the U.S. and China that’s clouded the global growth outlook will have a lasting negative effect on aluminum demand, Norsk Hydro ASA CEO Hilde Merete Aasheim said.

The Chinese government has approved several domestic companies to buy U.S. cotton, corn, sorghum and pork without being subject to hefty retaliatory tariffs, according to people familiar with the situation.

Trade tensions likely helped push down U.S. economic growth last quarter to match the slowest pace of Donald Trump’s presidency, with a robust consumer spending keeping things from looking even worse.